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Today’s Comex news

Today’s Comex news and gold candlestick chart

Gold prices remained lower on Tuesday, as the recent approval of a major U.S. tax reform bill continued to lend broad support to the greenback. Comex gold futures was down $2.70 or about 0.21% at $1,275.10 a troy ounce by 08:40 a.m. ET (12:40 GMT). The greenback strengthened after the U.S. Senate passed a tax overhaul package over the weekend amid expectations that tax cuts for corporations will stimulate the U.S. economy.

Crude oil prices were mixed on Tuesday, as the decision last week by global oil producers to continuu limiting production lent support to the commodity, while sustained worries over U.S. production levels weighed. The U.S. West Texas Intermediate crude January contract was little changed at $57.44 a barrel by 09:50 a.m. ET (13:50 GMT). Elsewhere, Brent oil for February delivery on the ICE Futures Exchange in London was up 12 cents or about 0.19% at $62.56 a barrel.

Natural gas futures extended their decline into a second session on Tuesday, as updated weather forecasts showed a return to mild weather after a cold spell in the eastern U.S. U.S. natural gas futures sank 5.5 cents, or around 1.8%, to $2.930 per million British thermal units by 8:15AM ET (1315GMT), after plunging 7.6 cents, or 2.5%, a day earlier. Monday’s plunge came as weather models predicted mild weather across most parts of the continental United States starting from Dec. 15.

Economy News

Just hours after a Brexit deal crumbled, British Prime Minister Theresa May came under pressure on Tuesday from opposition parties and even some allies to soften the EU divorce by keeping Britain in the single market and customs union after Brexit. May’s ministers said they were confident they would soon secure an exit deal, though opponents scolded May for a chaotic day in Brussels which saw a choreographed attempt to showcase the progress of Brexit talks collapse at the last minute.

A Mexican presidential hopeful and governor of a wealthy border state said he would cut taxes to compete with lower rates in the United States if President Donald Trump’s fiscal reform passes Congress, hinting at a broader potential response in Mexico. Jaime Rodriguez, the governor of Nuevo Leon who is seeking to become the first independent to take the presidency, said he would lower “many taxes” if successful.